Claim Profitable, Mangkokku Plans Series B Fundraising

After being in business for over three years, the F&B startup my bowl claims to have reached a point of profitability. The pandemic, which had disrupted business operations, made the team move quickly to adapt, impacting the acceleration of the company's business to date.

To DailySocial.id, Mangkokku Co-Founder & CEO Randy Kartadinata revealed, this year apart from expanding the service area on the island of Java they also want to see potential in other areas. According to him the company already has framework accurate when deciding to add to the store offline or service at the new location.

"Currently we have 64 o in 19 cities. In the fourth quarter of last year, Mangkokku was also present on the island of Sumatra, specifically in the Lampung, Medan and Palembang regions," said Randy.

Claimed by him, having received series A pendanaan funding 2022 then, by pipeline The company is already on the right track. Product development is the focus of the company now and in the future. My bowl also has two brand self-developed, namely Numinum and Puedes.

Focus on core business

Even though currently the F&B industry in Indonesia is very saturated, because it is easy for all groups to have a culinary business, it turns out that this condition is not an obstacle for Mangkokku to develop their business. Judging from the still large potential for the F&B industry to continue to develop in Indonesia.

"In Indonesia, it is easiest to create a restaurant or food business, which is different from other countries. Maybe that is what causes the conditions saturated "There are many new players with unclear motives to build culinary businesses but in the end many of them don't survive," said Randy.

During the pandemic the company also recorded positive growth in orders online. Utilise marketplace and food aggregator for ordering and delivering food to buyers, the company has no plans to release its own app.

As an F&B platform, so far Mangkokku has been quite consistent with its typical Indonesian menu. Utilise central kitchen that companies use to manage demand online and offline, the company currently has two central kitchen which are located in Jakarta and Surabaya.

To provide a relevant and varied menu, the company also has 100 menu banks which they manage utilizing R&D. In this way, within the next year, we can predict what menu they will launch.

So that a business can continue to survive and of course remain relevant, innovation and strategic steps are needed which are then mandatory for businesses to take. One of the methods that Mangkokku then implemented was to create recipes that were unique but adapted to current tastes. The presence of celebrities or figures who are already known by the public to promote brand also has an important role when starting to build a business.

But in the end, products that have the best and delicious taste are the choice for customers. Mangkokku itself is currently supported by celebrity chefs such as Arnold Poernomo and two sons of President Joko Widodo, namely Gibran Rakabuming and Kaesang Pangarep.

It was asked whether the company had plans to launch it brand aggregatorsAccording to Randy, currently Mangkokku is still focused on developing its own products. However, this does not rule out the possibility, brand aggregators they will also apply it within the company.

"We have options for that, but it's not a focus at the moment. We have more credibility to launch our own extra brand for now," said Randy.

Series B fundraising plan

As a platform supported by a venture capital company, Mangkokku still has plans to raise funds for the advanced stage of series B. Still in exploration with strategic investors, if they can obtain fresh funds this year, the company plans to use it to expand in other cities in Indonesia. Mangkokku hopes to pocket around $10-20 million from investors.

"We see VC as a strategic partner not only providing capital but also providing capital networking," said Randy.

Previously, Mangkokku had received series A funding of $7 million or around 101 billion Rupiah led by Alpha JWC Ventures and EMTEK, as well as participation from Cakra Ventures. Through this funding, Mangkokku will increase the number o physical and building a culinary brand ecosystem to become the largest F&B company group in Indonesia.

For information, previously my bowl has bagged early stage investment from Alpha JWC Ventures of $2 million or around 29 billion Rupiah in 2020.

Apart from raising funds and expansion, this year the company also has plans to evaluate their products. Already having around 18 menus, this year the company plans to streamline several menus, while pushing the marketing of their favorite menus. Mangkokku also has plans to develop their two F&B brands, namely Numinum and Puedes, even bigger.